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Tag: Retail and wholesale

  • Target to stop selling cereals with certified synthetic colors by end of May

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    NEW YORK — Target will stop selling its entire assortment of cereal with certified synthetic colors by the end of May.

    The move, announced Friday, underscores the acknowledgment that American consumers and the U.S. government under President Donald Trump are paying attention to what goes into packaged foods.

    The Minneapolis-based discounter said it had been phasing out synthetic colors in cereals for several years, and currently nearly 85% of its cereal sales already come from products made without certified synthetic dyes. Some of the artificial food dyes detailed by Target are being reviewed by U.S. Food and Drug Administration like Red No. 40, Yellow No. 5 and 6 and Blue No. 1.

    Target said that it has worked with national brands and its private brands to reformulate products as needed. Some cereals will have updated formulations, and many others already meet its new cereal assortment standard for no certified synthetic colors, the retailer said.

    “We know consumers are increasingly prioritizing healthier lifestyles, and we’re moving quickly to evolve our offerings to meet their needs,” said Cara Sylvester, Target’s executive vice president and chief merchandising officer, in a statement.

    Target said that reformulating its cereal line builds on the foundation Target established in 2019 with the launch of its store label food brand Good & Gather, which is made without artificial flavors and sweeteners, synthetic colors or high fructose corn syrup. The brand has more than 2,500 products across dairy, produce, ready made pastas meat as well as baby and toddler food.

    In recent months, major food companies such as Kraft Heinz, Nestle and Conagra Brands have pledged to eliminate petroleum-based synthetic dyes in coming years.

    General Mills also announced last year that it plans to remove artificial dyes from all of its U.S. cereals and all foods served in K-12 schools by the summer of 2026. It is also looking to eliminate the dyes from its full U.S. retail portfolio by the end of 2027.

    Last October,Walmart said it plans to remove synthetic food dyes and 30 other ingredients, including some preservatives, artificial sweeteners and fat substitutes, from its store brands sold in the United States by January 2027.

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  • Growing more complex by the day: How should journalists govern use of AI in their products?

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    Like so many sectors of the economy, the news industry is hurtling toward a future where artificial intelligence plays a major role — grappling with questions about how much the technology is used, what consumers should be told about it, whether anything can be done for the journalists who will be left behind.

    These issues were on the minds of reporters for the independent outlet ProPublica as they walked picket lines earlier this month. They’re inching toward a potential strike, in what is believed would be the first such job action in the news business where how to deal with AI is the chief sticking point.

    Few expect this dispute will be the last.

    AI has undeniably helped journalists, simplifying complex tasks and saving time, particularly with data-focused stories. News organizations are using it to help sift through the Epstein files. AI suggests headlines, summarizes stories. Transcription technology has largely eliminated the need for a human to type up interviews. These days, even a simple Google search frequently involves AI.

    Yet rushing to see how AI can help a financially troubled industry has resulted in several cases of publications owning up to errors.

    Within the past year, Bloomberg issued several corrections for mistakes in AI-generated news summaries. Business Insider and Wired were forced to remove articles by a fake author named Margaux Blanchard. The Los Angeles Times had trouble with AI and opinion pieces. Ars Technica said AI fabricated quotes, and the publication that has frequently reported on the risks of overreliance on AI tools embarrassed itself further by failing to follow its policy to tell readers when the tool is used.

    The ProPublica dispute is noteworthy for how it touches on issues that are frequently cause for debates. The union representing ProPublica’s journalists, negotiating its first contract with the the outlet known for investigative reporting, says it wants commitments that mirror those sought elsewhere in the industry about disclosure and the role of humans in the use of AI.

    Along with holding informational pickets, union members pledged overwhelmingly that they would be willing to strike without a satisfactory agreement, said Jen Sheehan, spokeswoman for the New York Guild, the union that represents many journalists in the city.

    “It feels to me pretty monumental when we think about the trajectory of AI and journalism,” said Alex Mahadevan, an expert on the topic at the Poynter Institute journalism think tank.

    ProPublica has rejected its requests, the union said. Insight into why can be found in an essay, “Something Big is Happening,” that circulated widely this month. Author and investor Matt Shumer, who said he’s spent six years building an AI startup, wrote that the technology is advancing so quickly that “if you haven’t tried AI in the last few months, what exists today would be unrecognizable to you.”

    Small wonder, then, that news executives are reluctant to put guarantees in writing that could quickly become outdated.

    Rather than make promises that can’t be kept, ProPublica is exploring how technology can create more space for investigative reporting, company spokesman Tyson Evans said. In the “unlikely event” of AI-related layoffs, ProPublica is proposing expanded severance packages for those affected, he said.

    “We’re approaching AI with both curiosity and skepticism,” Evans said. “It would be a mistake to freeze editorial decisions in a contract that will last years.”

    Fifty-seven of 283 contracts at U.S. news organizations negotiated by the NewsGuild-USA contain language related to artificial intelligence, said Jon Schleuss, president of the union that represents more journalists than any in the country. The first such deals happened in 2023, and The Associated Press was one pioneer. He wants provisions in more contracts.

    It won’t be easy, judging by the reluctance of many outlets to be tied down. The organization Trusting News, which encourages news organizations to develop and make public its policies on AI use, estimates that less than half of U.S. outlets have done so.

    “I think it is becoming harder,” Schleuss said, “because too many newsrooms are being run by the greedy side of the organization and not by the journalism side of the organization.”

    The guild pushing for contracts that guarantee AI won’t eliminate jobs. That’s no surprise; unions exist to protect jobs. Schleuss characterized a proposal that ensures an actual journalist is involved when AI is used as a way to prevent errors and help an outlet build trust with its readers.

    “Humans are actually so much better at going out, finding the story, interviewing sources, bringing back the relevant pieces, asking the hard follow-up questions and putting that in a way that people can understand and see, whether it’s a news story or a video,” he said. “Humans are way better at doing that than AI ever will be.”

    Apparently, not everyone in journalism agrees. Chris Quinn, editor of The Plain Dealer in Cleveland, Ohio, wrote this month of his disgust with a recent college graduate who turned down a job offer because the person had been taught that AI was bad for journalism.

    Quinn’s newspaper has been sending some of its journalists out to cover stories by interviewing people, collecting quotes and information, then feeding it to a computer to write. While a human will edit what the computer spits out, an integral part of the process — a reporter using his or her judgment about how to tell a story — has been stripped from their hands. Quinn defended it as the best use of limited resources.

    Research shows that a vast majority of American consumers believe that it’s very important that newsrooms tell the public when AI is used to write stories or edit photographs, said Benjamin Toff, director of the Minnesota Journalism Center at the University of Minnesota. But here’s the rub: Such disclosure makes them trust the outlet’s stories less, not more.

    A significant minority — 30% in a study Toff conducted last year — doesn’t want AI used in journalism at all.

    Telling a reader that AI was used is not as simple as it sounds. “There are just so many, many uses of AI in journalism, from the very beginning of the reporting process to when you hit publish, that just broadly declaring that when AI is used in the newsgathering process that you have to disclose it, just seems like it is actually a disservice to the reader in some cases,” Poynter’s Mahadevan said.

    Two lawmakers in New York state — the nation’s publishing capital — introduced legislation this month requiring clear disclaimers when artificial intelligence is used in an published content. There’s no immediate word on its chances for passage, but both sponsors are Democrats in a legislature controlled by that party.

    Mahadevan believes it’s fair to have policies that requires human involvement — editing to prevent slip-ups, for example. But even these declarations are open to interpretation, he said. If an outlet uses chatbots to answer reader questions, are they being edited by a human being?

    “Speaking realistically, the newsroom of the future is going to look completely different than it does today,” he said. “Which means people will lose jobs. There will be new jobs. So I think it’s important that we are having these conversations right now because audiences do not want a newsroom completely taken over by AI.”

    ___

    David Bauder writes about the intersection of media and entertainment for the AP. Follow him at http://x.com/dbauder and https://bsky.app/profile/dbauder.bsky.social.

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  • Home Depot tops expectations in the fourth quarter, but customers pull back on spending

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    Home Depot’s fourth-quarter was muted by ongoing caution from American consumers in a weak housing market, but the home improvement retailer topped Wall Street expectations.

    The Atlanta company earned $2.57 billion, or $2.58 per share, for the three months ended Feb. 1. Stripping out one-time charges or benefits, earnings were $2.72 per share, topping analyst projections for per-share earnings of $2.53, according to FactSet.

    A year earlier it earned $3 billion, or $3.02 per share.

    An extra week in fiscal 2024 added approximately 30 cents per share to the year-ago quarter.

    Home Depot’s stock rose more than 3% before the market opened on Tuesday.

    Revenue totaled $38.2 billion, down from $39.7 billion a year earlier. The extra week in the prior-year period added about $2.5 billion of sales.

    Wall Street was looking for revenue of $38.09 billion.

    Sales at stores open at least a year, a key indicator of a retailer’s health, edged up 0.4%. In the U.S., comparable store sales climbed 0.3%.

    Chair and CEO Ted Decker said in a statement that Home Depot’s quarterly results “were largely in-line with our expectations, reflecting the lack of storm activity in the third quarter and ongoing consumer uncertainty and pressure in housing. Adjusting for storms, underlying demand was relatively stable throughout the year.”

    Customer transactions dropped 1.6% in the quarter. The amount shoppers spent rose to $91.28 per average receipt from $89.11 a year earlier.

    Home Depot and other retailers have seen customers cut back on their spending amid concerns about inflation and economic uncertainty.

    U.S. consumer confidence declined sharply in January, hitting the lowest level since 2014 as Americans grow increasingly concerned about their financial prospects.

    The Conference Board said that its consumer confidence index cratered 9.7 points to 84.5 in January, falling below even the lowest readings during the COVID-19 pandemic.

    And sales of previously occupied U.S. homes fell sharply in January as higher home prices and possibly harsh winter weather kept many prospective homebuyers on the sidelines despite easing mortgage rates.

    Existing home sales sank 8.4% last month from December to a seasonally adjusted annual rate of 3.91 million units, according to the National Association of Realtors. That’s the biggest monthly decline in nearly four years and the slowest annualized sales pace in more than two years.

    The U.S. housing market has been in a slump dating back to 2022, the year mortgage rates began climbing from historic lows that fueled a homebuying frenzy at the start of this decade.

    For fiscal 2026, Home Depot anticipates adjusted earnings to be approximately flat to up 4% from fiscal 2025’s $14.69 per share. The company foresees total sales growth of about 2.5% to 4.5% and comparable sales growth to be approximately flat to up 2%.

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  • How refill stores are changing the way we reduce waste

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    Refilling a bottle instead of throwing it away has become a popular way for people to reduce waste — a small, tangible action in response to larger environmental problems.

    But whether refilling actually makes a difference depends on how these systems are used and what they replace. Scores of refill stores have opened in recent years as retailers and customers seek fresh ways to reduce waste. Some brands are also using specialized recycling programs for tricky packaging.

    At Lufka Refillable Zero Waste store in Tampa, customers bring in reusable containers to fill with soap, shampoo and cleaning supplies instead of buying products in single-use packaging. The idea is to cut down on packaging waste by reusing what people already own.

    Customers’ containers are weighed first, then filled. They’re charged by the amount of product added. Over time, that reuse can add up.

    For customer Julie Hughes, the act of refilling feels rewarding. Hughes discovered Lufka two years ago while looking for skincare products and has returned regularly, drawn by the ability to reuse packaging rather than discard it.

    “When you do something positive, you get a little bit of like a dopamine hit and you feel good,” Hughes said on a recent trip to buy liquid hand soap. “There are so many big problems in the world, but we can’t solve all of the big problems, but we do have control over our choices.”

    Some shoppers have been refilling the same containers for six years, said Lufka founder Kelly Hawaii.

    “Just imagine how much waste they’ve personally stopped consuming because they have that one container for that one product,” Hawaii said.

    Refillable packaging is less a new invention than a return to earlier distribution models. Many industries historically relied on refillable or returnable containers, with familiar examples in the U.S. including soda, beer and dairy in the recent past.

    A 2020 study of reusable packaging explains that a shift to single-use packaging took hold mainly because disposable systems simplified logistics and reduced handling costs for producers and retailers. That transition contributed to a steady increase in packaging production and waste over time as reuse infrastructure declined, according to the study published in Resources, Conservation & Recycling: X.

    In recent years, there has been a renewed interest in reuse as part of a broader move toward a “circular economy” that keeps products and materials in use longer to limit waste. The Public Interest Research Group estimates there are hundreds of refillable stores around the country, part of what it calls a “generation of new businesses” aimed at reducing packaging waste.

    Larger chains and brands are also offering refillable options and other innovations. Lush Cosmetics sells certain products “naked,” without packaging, and offers discounts to customers who return containers from its other products. The reusable packaging platform Loop, available in France, partners with major brands such as Nestle and Coca-Cola to distribute products in durable containers that are collected, cleaned and refilled for reuse.

    Despite this resurgence, refillable packaging makes up a small share of the overall market. The systems face barriers to expansion, including hygiene requirements and the need for systems to collect and process containers, according to the study, which also noted that these additional processing and cleaning costs may make them more expensive.

    Reusing vessels for everyday products has advantages over recycling single-use packages, as long as people follow a thoughtful approach, according to experts.

    Shelie Miller, a University of Michigan professor who studies sustainability, said consumers should think of the phrase “reduce, reuse, recycle” as a priority order, meaning reuse should generally come before recycling.

    Still, reuse doesn’t automatically mean lower environmental impact. Durable reusable containers typically require more energy and materials to produce, so they need to be used long enough to offset the resources that go into them, Miller said. What this means is that the environmental advantage emerges only after repeated use spreads those initial impacts across many uses, which Miller refers to as a “payback period.” How much water and electricity consumers use at home to clean reusable products also factors in.

    A 2021 study by Miller and a colleague examined reusable products including drinking straws, forks and coffee cups and measured their payback periods in separate categories including greenhouse gas emissions, water use and energy demand. The study found that a ceramic coffee mug must be reused between 4 and 32 times before outperforming disposable cups on those measures, which represented faster paybacks than reusable coffee cups made from metal or plastic.

    Convenience also plays a role. If refilling requires a special trip, the added transportation emissions can cancel out the benefits, making refill systems most effective when they fit into existing routines.

    “If you are making dedicated trips just to reduce packaging, it actually can be worse for the environment than if you use the single-use product,” said Miller.

    Large beauty retailers such as Ulta Beauty and Sephora are also partnering with Pact Collective, a nonprofit that collects hard-to-recycle beauty packaging through in-store bins.

    Carly Snider, executive director of Pact Collective, said the program collects packaging made of mixed materials that regular recycling programs can’t process or small pieces measuring less than 2 inches (5 centimeters) — like pumps, droppers and sample-sized containers — that fall through the cracks of machines at recycling facilities.

    “There’s specific things with beauty packaging that makes it really difficult,” said Snider.

    Pact routes those materials through specialized processing, diverting large volumes of material from landfills, said Snider.

    Experts emphasize that refilling and recycling programs aren’t a perfect solution, but when they replace single-use packaging and fit into everyday life, they can help reduce waste.

    “Small things do add up,” Miller said. “And so when you have millions of people who are all doing small things, that really can make a difference, make a change.”

    ___

    The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

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  • The Winter Olympics are hurting main street in Livigno’s duty-free mountain enclave

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    LIVIGNO, Italy — On the climb to Livigno, atop the mountain pass before the road glides down to the village hosting snowboarding at the Winter Olympics, there sits a lonely customs checkpoint. Its guardhouse and gate are the only signs of an internal fiscal border within Italy, one that encircles the snow-blanketed valley and the duty-free status it has enjoyed for centuries.

    The tax exemption that makes Livigno a shoppers’ paradise, paradoxically, has left it not receiving the full economic bonus from hosting the Olympics, at least in the short term. On the contrary, shopkeepers are getting squeezed — even if hotels and restaurants are packed and cashing in. Still, everyone is hopeful the Games will yield a longer-term upside for the village.

    Questioning economic benefits is routine for Olympic host cities, and it’s been the talk of the town on Livigno’s main street during the Games. Unlike in other Olympic mountain venues, business owners told The Associated Press that athletes, fans, workers and volunteers have boxed out visitors who come chasing duty-free deals in what is usually a bumper month.

    “I’m not positive about the Olympics, because usually you are working more than double in this period, because this period for us was a high season. Now, this period is like our low season,” said Olga Salari, owner of a toy story full of Lego sets. Olympic visitors, she added, “don’t even visit the shops.”

    How bad has it been? Salari said she has already seen a 70% drop in sales compared with an average February. The Olympics run from Feb. 6-22.

    Visitors to all six mountain venues must have either accreditation, accommodation reserved, event tickets or a ski pass — and so can’t be day trippers only out for a deal.

    Livigno is nicknamed “Little Tibet” for its historic isolation and the snow-clad peaks that surround it. This village near the Swiss border has had sales tax exemptions since medieval times, which allowed the impoverished, cut-off area to bring in goods.

    When a paved road leading south, and later a tunnel north to Switzerland, finally arrived in the 20th century, that duty-free status became an economic elixir because it attracted tourists.

    Visitors can purchase 300 euros ($356) worth of goods without Italy’s 22% sales tax. There are specific limits on perfumes, cigarettes, cigars, liquor and gasoline.

    Livigno’s tax break has made it a haven for skiers who seize the chance to pick up a watch, cosmetics, perfume, electronics or a carton of cigarettes before the drive home to Austria, Germany, Switzerland and elsewhere. Outside of the Olympics, anyway.

    “The tourists are more interested to see the competition. They’re not so focused on shopping,” said Manuel Galli, whose family owns an electronics store.

    According to a report by Italy’s Banca Ifis, the overall economic impact of the Games is expected to reach 5.3 billion euros ($6.2 billion). Of that, 1.2 billion euros ($1.4 billion) is estimated to be spent by tourists at the host sites during the next 18 months. The bank did not break that down by venue location. Milan Cortina organizing committee president Giovanni Malagò cited more than 5 billion euros in an interview with Italian radio station RTL.

    The committee has said that the Olympics have spurred Italian authorities to upgrade the electrical distribution systems of Livigno and the other mountain host sites. Improvements to Livigno’s health clinic and rail service are also legacy investments.

    Other mountain venues’ stores seem to be getting an economic boost.

    Cortina d’Ampezzo’s Vice Mayor Roberta Alverà told the AP by text message that the town has seen “a significant influx of people.”

    And they’re not just filling hotels and restaurants. Visitors, as well as Italians who own second homes in the posh town, are also filling the shops along Cortina’s pedestrian-only Corso Italia that runs through the center of town.

    In Bormio’s historic center, the cobblestone walkways have been filled with fans throughout the men’s Alpine ski racing program, and its shops have seen plenty of activity.

    Sergio Schena, a member of the organizing committee for the area of Livigno, said it’s normal for some businesses to see more activity than others, but the long-term impact will be positive. The global spotlight should draw tourists from farther away, as happened in Turin after it hosted in 2006, he said.

    “What we expect to happen is that the markets change, and we get more tourists from the United States and Asia,” Schena said.

    That doesn’t suit some shop owners. Salari said her business model is based on people driving to Livigno and using the extra trunk space to take home purchases. She fears tourists who travel by plane will only buy goods small enough to fit in their luggage.

    Still, most people in Livigno — even the other shopkeepers — are hoping Schema is right, trusting that the televised images of snowboarders and freestyle skiers soaring off its slopes and snow park have put Livigno on the world map, and will eventually attract even more tourists.

    “This is very important because (the Games) are providing 360-degree publicity around the world and Livigno is coming across very well,” said Derio Claoti, the owner of a shop that sells perfumes, whose sales have taken a 70% sales hit.

    A few doors down, at the Golden Clock shop for luxury watches and jewelry, Damiano Longa said he expects his drop in sales will ultimately be worth it.

    “We hope that the advertising that it’s making for Livigno will work for the future,” Longa said.

    ___

    Associated Press writers Colleen Barry in Milan, Andrew Dampf in Cortina and Pat Graham in Bormio contributed.

    ___

    AP Winter Olympics: https://apnews.com/hub/milan-cortina-2026-winter-olympics

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  • Falling cocoa prices won’t necessarily mean cheaper Valentine’s Day chocolates

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    Cocoa prices have fallen nearly 70% since last Valentine’s Day, but that won’t make heart-shaped boxes of chocolate or even chocolate Easter bunnies more affordable this year.

    Chocolate prices at U.S. retail stores rose 14% between Jan. 1 and the first week of February compared to the same period last year, according to market research company Datasembly. That’s on top of a 7.8% increase for the same period in 2025.

    Europe has seen even steeper price increases. In Germany, chocolate prices rose 18.9% in 2025, according to government figures.

    Here’s what caused the price of cocoa futures to rise and then fall — and why that may not be reflected in the prices customers are paying.

    Cocoa prices more than doubled in 2024 due to insufficient rainfall and crop diseases in West Africa, which supplies more than 70% of the world’s cocoa. Cocoa, which is made from the dried beans of the cacao tree, is the main ingredient in both dark and white chocolate.

    Weather conditions have improved since then in Ivory Coast and Ghana, and cocoa production is increasing in Ecuador and other countries, according to an analysis by J.P. Morgan. The resulting supply increase is one reason cocoa prices are coming down.

    But they’re also dropping because of lower global demand. Chocolate getting more expensive has turned off consumers, so manufacturers have cut the amount of chocolate they use or shifted to other products like gummy candies to keep prices in check, said Chris Costagli, a food thought leader at the market research company NIQ.

    In the U.S., annual retail sales of chocolate rose 6.7% in 2025 compared to the prior year, largely because of price increases, according to NIQ data. But the number of individual products sold was down 1.3%, as consumers bought less chocolate overall.

    The Trump administration’s tariffs were another reason U.S. chocolate prices increased last year.

    The administration put a tariff averaging 15% on cocoa-producing countries last February, which raised the price of U.S. cocoa imports, according to the U.S. Federal Reserve.

    In November, the administration removed tariffs on cocoa and other commodities that can’t be grown in the U.S., including coffee, spices and tropical fruit.

    But tariffs of 15% or more on products from the European Union, including chocolates, remain in place.

    So far, declining cocoa prices haven’t necessarily let chocolate lovers pay less.

    Costagli compares the situation to gas prices. Even when the cost of oil goes down, prices at the pump don’t immediately follow because companies need to use up the oil they bought at a higher price.

    Chocolate makers like The Hershey Co. have long-term contracts that may require them to pay more than current cocoa prices. The market also is volatile; companies know that another bout of poor weather or a surge in demand could make cocoa prices surge again.

    But Costagli said companies also watch shoppers’ reaction to prices.

    “If the customer is still willing to pay that higher price point, do we really take the price down?” he said.

    Mondelez International, which owns chocolate brands like Oreo, Cadbury and Toblerone, raised its prices by 8% globally in 2025 to counter higher cocoa costs.

    In Europe, the company hiked prices by even more and saw a significant decrease in the amount of its products sold. As a result, Mondelez lowered prices this year in some markets, including the United Kingdom and Germany.

    “We have learned that certain price points are very important, and so we have adjusted already to put our products at the right price point,” Mondelez Chairman and CEO Dirk Van de Put said during a February conference call with investors.

    Van de Put said Mondelez didn’t plan immediate price cuts in North America, where both its price increases and its sales volume losses were more moderate.

    Two segments of the chocolate market grew in the U.S. last year: value brands and super-premium brands, Costagli said.

    The expanded interest in higher-end chocolate may seem surprising if consumers balked at paying more for a Snickers bar or a pack of Reese’s Peanut Butter Cups. But the companies behind super-premium lines like Ferrero Rocher, Justin’s and Lindt Excellence were less aggressive about instituting cocoa-related price increases since their products already were more expensive, Costagli said.

    As mainstream chocolate makers like Hershey and Mars raised prices, some customers decided they’d just spend a little more, he said.

    “It’s given the aspirational shopper that little push they need to trade up. If they wanted a better product, if they wanted better experience, better product characteristics, organic, fair trade, whatever it might be,” Costagli said.

    On the flip side, value brands — think Whitman’s or some store-brand chocolates — also sold more products in the U.S. last year as price-conscious shoppers traded down from mainstream brands.

    “The savings you get by trading down is actually greater than it used to be,” Costagli said. “So from an aspirational perspective, it’s easier to trade up, and from a financially insecure perspective, it saves you more to trade down.”

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  • Trump’s FTC chairman chides Apple boss Tim Cook for content of Apple news feed

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    President Donald Trump’s Federal Trade Commission chairman has written to Apple chief Tim Cook, complaining that the company has “suppressed” content from conservative news sources in the Apple News feed loaded onto many of its devices

    NEW YORK — The chairman of the Federal Trade Commission has written to Apple chief Tim Cook to complain that the company “suppressed” content from conservative news outlets in the Apple News feed that it loads onto many of its devices.

    Chairman Andrew Ferguson said that while the FTC is not the “speech police,” it does have the authority to protect consumers from material misrepresentations and omissions. He urged Cook to review what is used on the Apple News feed and take corrective action.

    There was no immediate reply by Apple on Thursday to a request for comment.

    Ferguson was responding to a report by the Media Research Center, a conservative media watchdog. The report said that none of 620 top stories featured in the curated news app during January came from a conservative media source.

    Instead, a majority of its stories came from “leftist” outlets like The Associated Press, NBC News, The New York Times and The Washington Post, the report said. The MRC said right-leaning news sources that were missing include Fox News, the New York Post, the Daily Wire and Breitbart News.

    Cook proved not immune to criticism from President Donald Trump’s administration despite his attendance at Trump’s second term inauguration last year.

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  • Traders protest new customs tariffs as Iraq wrestles with shrinking oil revenues

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    BAGHDAD — Hundreds of traders and customs clearance company owners protested in central Baghdad on Sunday, demanding that Iraq’s government reverse recently imposed customs tariffs that they say have sharply increased their costs and disrupted trade.

    The new tariffs that came into effect on Jan. 1 were imposed as part of an attempt to decrease the country’s debt and its reliance on oil revenues as oil prices have dropped.

    Iraq faces debt of more than 90 trillion Iraqi dinars ($69 billion) — and a state budget that remains reliant on oil for about 90% of revenues, despite attempts to diversify.

    But traders say the new tariffs — in some cases as high as 30% — have placed an unfair burden on them. Opponents have filed a lawsuit aiming to reduce the decision, which Iraq’s Federal Supreme Court is set to rule on Wednesday.

    The demonstrators gathered outside the General Customs Directorate Sunday, chanting slogans against corruption and rejecting the new fees.

    “We used to pay about 3 million dinars per container, but now in some cases they ask for up to 14 million,” said Haider al-Safi, a transport and customs clearance company owner. “Even infant milk fees rose from about 495,000 dinars to nearly 3 million.”

    He said that the new tariffs have caused a backlog of goods at the Umm Qasr port in southern Iraq and added that electric vehicles, previously exempt from customs duties, are now subject to a 15% fee.

    “The main victim is the citizen with limited income, and government employee whose salary barely covers his daily living, those who have to pay rent, and have children with school expenses — they all will be affected by the market,” said Mohammed Samir, a wholesale trader from Baghdad.

    Protesters also accused influential groups of facilitating the release of goods in exchange for lower unofficial payments, calling it widespread corruption. Many traders, they said, are now considering routing their imports through the Kurdistan region, where fees are lower.

    The protests coincided with a nationwide strike by shop owners, who closed markets and stores in several parts of Baghdad to oppose the tariff increase. In major commercial districts, shops remained shut and hung up banners reading “Customs fees are killing citizens.”

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  • Pizza Hut closing 250 US stores as parent company considers selling the brand

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    Pizza Hut plans to close 250 U.S. restaurants in the first half of this year as its parent company considers a sale of the chain.

    Yum Brands said Wednesday it’s targeting underperforming Pizza Hut restaurants in its system. Pizza Hut has more than 6,000 locations in the U.S.

    Louisville, Kentucky-based Yum Brands said in November it was conducting a formal review of options for Pizza Hut, which has struggled with outdated stores and growing competition. The chain’s U.S. same-store sales, or sales at locations open at least a year, fell 5% last year, Yum said.

    Rival Domino’s, the world’s largest pizza company, hasn’t yet released its full-year earnings, but its U.S. same-store sales were up 2.7% in the first nine months of last year.

    Internationally, Pizza Hut’s results have been stronger. International same-store sales were up 1% last year, with growth in Asia, the Middle East and Latin America, Yum said. China is Pizza Hut’s second-largest market outside the U.S., accounting for 19% of sales.

    Yum CEO Chris Turner said Wednesday that the company plans to complete its review of options for Pizza Hut this year. He declined to share further updates on the process.

    Pizza Hut ended 2025 with 19,974 stores globally, which was 251 fewer than it had the previous year. Pizza Hut opened nearly 1,200 stores across 65 countries last year, but closures outpaced that. Yum said Wednesday that Pizza Hut plans more global openings in 2026 but it didn’t give details.

    Pizza Hut was founded in 1958 in Wichita, Kansas. PepsiCo acquired the chain in 1977 but spun off its restaurant division — which became Yum Brands — in 1997. Yum Brands also owns KFC, Taco Bell and Habit Burger & Grill.

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  • Starbucks feels the heat as more chains compete for US coffee drinkers

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    NEW YORK — Americans are drinking more coffee than they have in decades. But fewer of them are getting it from Starbucks.

    The company that revolutionized U.S. coffee culture remains America’s biggest player, with nearly 17,000 U.S. stores and plans to open hundreds more. But it’s facing unprecedented competition, which will make it harder to win back the customers it already lost.

    Starbucks’ share of spending at all U.S. coffee shops fell in 2024 and 2025; it now stands at 48%, down from 52% in 2023, according to Technomic, a food industry consulting firm. Dunkin ‘, a perennial rival that just opened its 10,000th U.S. store, gained market share in both of those years.

    Starbucks has other challengers, like the fast-growing drive-thru chains 7 Brew, Scooter’s Coffee and Dutch Bros. Chinese chains like Luckin Coffee and Mixue are opening U.S. stores. High-end coffee shop Blue Bottle, which has 78 U.S. stores, has opened two more since the start of the year. Even McDonald’s and Taco Bell are bolstering their beverage offerings.

    “People haven’t fallen out of love with Starbucks, but they’re now polyamorous in their coffee choices,” said Chris Kayes, chair of the management department in the George Washington University School of Business. “People are now experimenting with other coffees, and they’re seeing what’s out there.”

    Americans love coffee. In both 2024 and 2025, an estimated 66% of Americans reported drinking coffee every day, up 7% from 2020, according to the National Coffee Association, an industry trade group.

    Coffee chains are racing to cash in on that demand. The number of chain coffee stores in the U.S. jumped 19% to more than 34,500 over the last six years, according to Technomic, a consulting firm that researches the foodservice industry.

    Seattle-based Starbucks was a small, regional chain when former CEO Howard Schultz acquired it in 1987. Now, other small chains are seeing explosive growth. Nebraska-based Scooter’s Coffee had 200 locations in 2019; it now has more than 850. Arkansas-based 7 Brew, which had 14 locations in 2019, now has more than 600.

    “There’s too much supply relative to demand,” said Neil Saunders, a managing director and retail analyst at consulting firm GlobalData Retail

    Saunders said Starbucks’ size is somewhat of a disadvantage, since it has less ability to grow sales by opening new locations.

    “Honestly, they’re pretty saturated,” Saunders said. “They’re a very mature business.”

    Starbucks is undaunted. At a conference for investors on Thursday, the company said an ongoing effort to improve service while making stores warmer and more welcoming was boosting U.S. store traffic. It plans to add 25,000 seats to its U.S. cafes by this fall.

    “Growth doesn’t require us to become something new. It requires us to be exceptionally good at what we already are,” Starbucks Chief Operating Officer Mike Grams said.

    Starbucks expects to open more than 575 new U.S. stores over the next three years. It developed a smaller-format store that is cheaper to build but still has indoor seating, drive-thru lanes and mobile pickup. The company said the reduced scale would allow Starbucks stores to operate in locations they couldn’t before.

    Starbucks is also adding new products, like updated pastries and snackable foods that are high in protein and fiber, to try to win back customers.

    Lack of menu innovation is one reason Starbucks has struggled, especially among younger consumers who like novelty and will try new places to find it, Saunders said.

    Arizona-based Dutch Bros, for example, added protein coffee drinks in January 2024, nearly two years before Starbucks did. Energy drinks make up 25% of Dutch Bros’ business almost 14 years after the chain introduced them. Starbucks offered iced energy drinks for a limited time in 2024; executives said Thursday that customizable energy drinks would appear on the Starbucks menu soon.

    Dutch Bros, which is led by former Starbucks executive Christine Barone, has just over 1,000 shops in the U.S. and hopes to double that number by 2029. It’s betting that customers want speed and convenience; nearly all of its stores are drive-thrus with walk-up windows.

    Dutch Bros also focuses on value. In a recent meeting with investors, Barone pointed out that Dutch Bros’ medium drinks are 24 ounces; at Starbucks, a medium drink is 16 ounces.

    Luckin, whose app brims with coupons and promotions, is also value-oriented. On a recent afternoon, one of its nine New York stores buzzed with customers picking up mobile orders. The tiny shop had no seating.

    Xunyi Xie, who was visiting New York from his home in Delaware, said he stopped by to try a Velvet Latte because Luckin had a $1.99 drink promotion. Xie said he normally brews his own espresso, but if Luckin opened a store that was on his way to work, he would go there.

    As for Starbucks? “I think it’s overpriced,” Xie said.

    In 2024, the average customer spent $9.34 at Starbucks, compared to $8.44 at Dutch Bros and $4.68 at Dunkin’, according to an analysis by the investment research company Morningstar.

    Starbucks didn’t raise prices in its 2025 fiscal year and has vowed to be judicious about future increases. But Ari Felhandler, an equity analyst with Morningstar, said it would be a mistake for Starbucks to try to win over customers with discounts because competitors will always go lower.

    “Keep your prices the same and try to justify them,” Felhandler said. He thinks Starbucks’ store redesigns and new menu items will bring back traffic.

    Grams, Starbucks’ chief operating officer, said the company firmly believes its best way forward is not drive-thru-only stores or mobile pickup kiosks. It’s building cafes with comfortable seating — the “soul of Starbucks,” as he put it — that also serve mobile, drive-thru and delivery customers. Customers sometimes want something convenient, and they sometimes want to dwell, he said.

    “There’s always going to be competition. We’re aware of it, we keep an eye on it for sure, but we don’t try to be them,” Grams told The Associated Press. “We offer something that most people don’t, which is a legitimate space to sit down, enjoy and use it for a variety of different reasons.”

    But Kayes, of George Washington University, wonders if that strategy will be enough to keep Starbucks on top, or if customers who want a cozy or premium experience have already moved on to independent coffee shops or upscale chains like Blue Bottle.

    “In some ways, I think they are a victim of their own success,” Kayes said. “I do think that the aura of Starbucks as being something special and unique and exciting isn’t there anymore.”

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  • Minnesota CEOs issue joint letter urging de-escalation in Minnesota after shooting

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    More than 60 CEOs of Minnesota-based companies signed an open letter posted on the Minnesota Chamber of Commerce website on Sunday calling for state, local and federal officials to work together, as businesses grapple with how to address tensions in th…

    NEW YORK — More than 60 CEOs of Minnesota-based companies including Target, Best Buy and UnitedHealth signed an open letter posted on the Minnesota Chamber of Commerce website on Sunday calling for state, local and federal officials to work together, as businesses grapple with how to address tensions in the state and across the country following two fatal shootings by federal agents amid a massive immigration enforcement operation that has spurred protests.

    “With yesterday’s tragic news, we are calling for an immediate deescalation of tensions and for state, local and federal officials to work together to find real solutions,” the open letter reads.

    CEOs that signed the letter included 3M CEO William Brown, Best Buy CEO Corie Barry, General Mills CEO Jeff Harmening, Target incoming CEO Michael Fiddelke, UnitedHealth Group CEO Stephen Helmsley, and others.

    Before the letter, most of the biggest Minnesota-based companies had not issued any public statements about the enforcement surge and unrest.

    But the issue has become more difficult to avoid. Over the past two weeks protesters have targeted some businesses they see not taking a strong enough stand against federal law enforcement activity, including Minneapolis-based Target. Earlier in January a Minnesota hotel that wouldn’t allow federal immigration agents to stay there apologized and said the refusal violated its own policies after a furor online.

    Meanwhile, the state of Minnesota and the Twin Cities cited devastating economic impacts in a lawsuit filed this month imploring a federal judge to halt the immigration operations. The lawsuit asserted that some businesses have reported sales drops up to 80%.

    “In this difficult moment for our community, we call for peace and focused cooperation among local, state and federal leaders to achieve a swift and durable solution that enables families, businesses, our employees, and communities across Minnesota to resume our work to build a bright and prosperous future,” the letter reads.

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  • Saks’ bankruptcy filing creates uncertainty for iconic stores, suppliers and shoppers

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    NEW YORK — An appeal for bankruptcy protection filing of the operator of Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus has left the luxury department stores’ suppliers with unpaid bills and caused a rift with Amazon, one of Saks Global’s minority investors.

    Saks Global said last week it had secured roughly $1.75 billion to help finance the company toward hoped-for profitability. The company said it would honor all customer loyalty programs, compensate vendors and pay employees while seeking approval for its plan to pay off outstanding liabilities, which range from $1 billion to $10 billion, according to court documents.

    While the retailer’s stores remain open for now, the bankruptcy and restructuring could likely impact the assortment of designer brands customers find online or in their local Neiman Marcus or Saks, according to industry experts.

    Many brands stopped shipping their goods weeks ago as Saks Global’s financial distress became more evident and bankruptcy appeared inevitable, experts said. A visit to Saks Fifth Avenue’s flagship store in Manhattan last week revealed noticeable merchandise gaps, including handbags and shoes spread out along shelves.

    Neil Saunders of GlobalData Retail, a research firm, noted it’s critical for Saks to have a good assortment including trendy items from small niche brands.

    “If Saks or Neiman Marcus are not offering that, those customers will find somewhere else to shop,” he said.

    The bankruptcy occurred a little over a year after the parent company of Saks Fifth Avenue agreed to buy the Neiman Marcus Group, its upscale rival, for $2.65 billion. Amazon took a minority stake in the deal, which saddled the new holding company with significant debt at a time of rising competition and a slowdown in luxury spending.

    Here’s a look at some ripple effects from the bankruptcy filing, including the retailers who potentially could stand to benefit:

    Major brands like Chanel and Kering — the parent of Gucci and Saint Laurent, among others— top the list of creditors owed the most money. But bankruptcy lawyers and industry executives expect that luxury conglomerates will be fine.

    The big worry: the small and medium-size brands that have already been squeezed financially by Saks. Some could shutter their businesses if bills are left unpaid.

    “This is very painful,” said Joseph Sarachek, a lawyer who represents roughly 30 brands owed money by Saks. ”A lot of these guys are going to go out of business.”

    Sarachek declined to name his clients for fear of retribution by Saks but said that they’re owed anywhere from $600,000 to $10 million. He said his clients don’t operate their own stores, and for some, Saks had been their only big retail account.

    He said he has recommended to his clients not to ship to Saks unless they get more clarity on payment terms.

    Even before the merger with Neiman Marcus, suppliers were grappling with skipped payments from Saks, creating anger and mistrust.

    Over the past year, that relationship only worsened, with management changing the payment terms for brands that supplied the stores, according to Gary Wassner, CEO of Hildun Corp. which provides credit guarantees to roughly 120 brands that sell to Saks.

    For some, Saks Global accounted for 40% to 50% of their business, he said.

    Wassner advised his clients not to ship to Saks starting in Dec. 19. He said Wednesday he’s hoping to approve shipping next week once agreeable payment terms are negotiated.

    Amazon invested $475 million as part of Saks’ purchase of Neiman Marcus in December 2024, in exchange for selling Saks products on the online behemoth’s website under the “Saks at Amazon” shop.

    The partnership was supposed to further Amazon’s goal of attracting more luxury brands on its site.

    But, as Amazon argued in a court filing to block the financing plan hours after Saks filed for Chapter 11 bankruptcy, “That equity investment is now presumptively worthless.”

    “Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners,” the court filing said.

    Amazon had argued Saks’ financing plan hurts the retailer, and other creditors, because it loads down Saks with additional debt. It also argued the financing plan could unfairly favor other creditors at the expense of Amazon.

    Amazon threatened more “drastic remedies” in the court filing if Saks doesn’t resolve the matter, including the appointment of an examiner or a trustee.

    A week ago, Saks Global prevailed in court, securing an initial tranche of $500 million from the broader $1.75 billion financial package.

    Amazon declined to comment further.

    Saks had already revealed plans back in November to close nine Saks Off 5th stores starting this month. That brings the total of Saks Off 5th locations to 70. There are also 33 Saks stores and 36 Neiman Marcus locations, as well as two Bergdorf Goodman stores.

    But shoppers can expect more store closures.

    Saks said this week it was evaluating its “operational footprint” to ensure it was well positioned to invest in areas with the best opportunities for growth.

    Experts think it will close a bulk of Saks Off 5th stores as well as several Saks and Neiman Marcus stores.

    David Tawil, president of ProChain Capital, a cryptocurrency hedge fund and a former bankruptcy lawyer and distressed investor, believes the most vulnerable will be Saks Off 5th locations, which haven’t fared well and have faced stiff competition from the likes of T.J. Maxx.

    Among rivals that could benefit are luxury department store chains Nordstrom and Macy’s upscale sister Bloomingdale’s, Saunders said. Other beneficiaries could be luxury brands’ own stores as well as online luxury players like the RealReal, which sells gently used luxury items, he added.

    Shoppers are seeing generous discounts at Saks, Neiman Marcus and Saks Off 5th.

    Saks’ website shows up to 70% on select designer clothing, while Neiman Marcus is marking down select styles at up to 75% off, according to its website. Saks Off 5th website is promoting up to 85% off items.

    Saunders noted the retailer is hoping to generate buzz and sales, but once the court approves a plan for store closures and vendor payments, it will likely scale back the discounts — unless that particular store liquidates.

    Still, don’t expect to grab a Chanel or Louis Vuitton handbag at 75%, Tawil said. Many of the major iconic brands have clauses triggered by a bankruptcy filing that limit discounts.

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  • Retail sales rose a better-than-expected 0.6% in November

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    NEW YORK — Shoppers increased their spending in November from October as holiday shopping kicked into full gear.

    Retail sales rose a better-than-expected 0.6% in November, following a revised 0.1% decline October, according to the Commerce Department. The report was delayed more than a month because of the 43-day government shutdown.

    Retail sales rose 0.1% increase in September, but jumped 0.6% in July and August and 1% in June.

    The federal government is gradually catching up on economic reports that were postponed by the shutdown.

    Sales at clothing and accessories stores rose 0.9%, while online businesses had a 0.4% increase. Business at sporting goods and hobby stores was up 1.9%.

    The snapshot offers only a partial look at consumer spending and doesn’t include many services, including travel and hotel lodges. But the lone services category – restaurants – registered an uptick of 0.6%.

    The report comes as 41,000 attendees from retailers, brands and technology companies gathered for the annual three-day National Retail Federation convention. With shoppers growing anxious about high prices and impact of President Donald Trump’s tariffs, as well as a souring job market, the outlook for shopping for this year was a key issue that dominated discussions.

    The industry wrapped up a solid holiday shopping season, based on early data, but many consumers, particularly from the lower income households, remain financially strained.

    Hiring has generally been weak, which could hurt consumer spending and the broader economy for 2026.

    Inflation cooled a bit last month as prices for gas and used cars fell, a sign that stubbornly elevated cost pressures are slowly easing, according to a report from the Labor Department Tuesday.

    Consumer prices rose 0.3% in December from the prior month, the same as in November. Excluding the volatile food and energy categories, core prices rose 0.2%, also matching November’s figure. Increases at that pace, over time, would bring inflation closer to the Federal Reserve’s target of 2%.

    Many economists had predicted inflation to jump last month as the government resumed normal data collection after the six-week shutdown last fall, so the modest increases that matched the November figures came as a relief. The price of manufactured goods was flat in December, a sign that the impact of tariffs may be starting to fade.

    The National Retail Federation is predicting retail sales in November and December grew between 3.7% and 4.2% over 2024. That translates to total spending between $1.01 trillion and $1.02 trillion. By comparison, holiday sales for 2024 rose 4.3% over 2023 to reach $976.1 billion.

    The trade group will not be coming out with official sales results for the November and December period until next month when the government reports December retail figures.

    Lululemon Athletica said on Monday that it anticipates fourth-quarter profit and revenue to come in at the high end of its previously released outlook, helped by a solid holiday shopping season. And Abercrombie & Fitch Co. said on Monday that both its Hollister and Abercrombie fared well during the holiday season.

    A better picture of holiday spending will come next month when Walmart, Target and other major retailers report results.

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  • Mental health evaluation ordered for woman accused of stabbing tourist in NYC Macy’s

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    NEW YORK — A New York City judge on Wednesday ordered a mental health evaluation for a Massachusetts woman charged in the unprovoked stabbing of a tourist changing her baby’s diaper in a bathroom of Macy’s flagship store in midtown Manhattan around the holidays.

    Kerri Aherne, 43, of Tewksbury, will be examined by mental health professionals to determine whether she’s fit to stand trial, according to Manhattan District Attorney Alvin Bragg’s office.

    She pleaded not guilty to attempted murder, assault, endangering the welfare of a child and other charges during her arraignment Wednesday in Manhattan court.

    Aherne’s lawyer Kevin Sylvan didn’t immediately respond to an email seeking comment but told the Daily News that his client’s mental state is “the only relevant issue right now.”

    The newspaper reports that Aherne had been released from a New York psychiatric hospital the morning of the attack and had previously been a patient at a mental health facility in Massachusetts.

    Prosecutors say that on Dec. 11, Aherne purchased a knife at the Macy’s store in Herald Square, went up to a seventh-floor bathroom and began stabbing a woman who was changing her child’s diaper.

    The victim, a California resident, eventually managed to grab the knife and toss it away. Aherne was restrained by the victim’s partner and store security until police arrived.

    The victim was stabbed in the back, arm and hand. Her 10-month-old baby, who fell from the changing table onto the floor during the attack, was not injured.

    Macy’s issued a statement at the time saying it was “deeply saddened” by the attack.

    “The thousands of families that visit Manhattan during the holiday season deserve to be safe while shopping and celebrating with their loved ones,” Bragg added in a statement Wednesday.

    Ahern remains in custody. Her next court date is Feb. 11.

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  • Trepidation in Venezuela after US captures Maduro

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    CARACAS, Venezuela — An anxious quiet fell over Venezuela ‘s capital on Sunday as trepidation mixed with joy while a nation waited to see what comes next.

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    Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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    By REGINA GARCIA CANO, MEGAN JANETSKY and JUAN ARRAEZ – Associated Press

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  • Tesla loses world’s biggest electric vehicle maker title as sales fall for 2nd year

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    NEW YORK — Tesla lost its crown as the world’s bestselling electric vehicle maker on Friday as a customer revolt over Elon Musk’s right-wing politics and stiff overseas competition pushed sales down for a second year in a row.

    Tesla said that it delivered 1.64 million vehicles in 2025, down 9% from a year earlier.

    Chinese rival BYD, which sold 2.26 vehicles last year, is now the biggest EV maker.

    For the fourth quarter, sales totaled 418,227, falling short of the 440,000 that analysts polled by FactSet expected. The sales total may likely have been impacted by the expiration of a $7,500 tax credit that was phased out by the Trump administration at the end of September.

    Even with multiple issues buffeting the company, the stock finished 2025 with a gain of approximately 11%, as investors hope Tesla CEO Musk can deliver on his ambitions to make Tesla a leader in robotaxi service and get consumers to embrace humanoid robots that can perform basic tasks in homes and offices.

    Shares of Tesla rose almost 2% before the opening bell Friday.

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  • Iranian traders and shopkeepers protest as currency hits record low

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    TEHRAN, Iran — Iranian traders and shopkeepers staged a second day of protests Monday after the country’s currency plummeted to a new record low against the U.S. dollar.

    Videos on social media showed hundreds taking part in rallies in Saadi Street in downtown Tehran as well as in the Shush neighborhood near Tehran’s main Grand Bazaar, which played a crucial role in the 1979 Islamic Revolution that ousted the monarchy and brought Islamists to power.

    Witnesses told The Associated Press that traders shut their shops and asked others to do the same. The semiofficial ILNA news agency said many businesses and merchants stopped trading even though some kept their shops open.

    There was no reports of police raids though security was tight at the protests, according to witnesses.

    On Sunday, protest gatherings were limited to two major mobile market in downtown Tehran, where the demonstrators chanted anti-government slogans.

    Iran’s rial on Sunday plunged to 1.42 million to the dollar. On Monday, it traded at 1.38 million rials to the dollar.

    The rapid depreciation is compounding inflationary pressure, pushing up prices of food and other daily necessities and further straining household budgets, a trend that could worsen by a gasoline price change introduced in recent days.

    According to the state statistics center, inflation rate in December rose to 42.2% from the same period last year, and is 1.8% higher than in November. Foodstuff prices rose 72% and health and medical items were up 50% from December last year, according to the statistics center. Many critics see the rate a sign of an approaching hyperinflation.

    Reports in official Iranian media said that the government plans to increase taxes in the Iranian new year that begins March 21 have caused more concern.

    Iran’s currency was trading at 32,000 rials to the dollar at the time of the 2015 nuclear accord that lifted international sanctions in exchange for tight controls on Iran’s nuclear program. That deal unraveled after U.S. President Donald Trump unilaterally withdrew the United States from it in 2018. There is also uncertainty over the risk of renewed conflict following June’s 12-day war involving Iran and Israel. Many Iranians also fear the possibility of a broader confrontation that could draw in the United States, adding to market anxiety.

    In September, the United Nations reimposed nuclear-related sanctions on Iran through what diplomats described as the “snapback” mechanism. Those measures once again froze Iranian assets abroad, halted arms transactions with Tehran and imposed penalties tied to Iran’s ballistic missile program.

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  • New York subway ends its MetroCard era and switches fully to tap-and-go fares

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    NEW YORK — When the MetroCard replaced the New York City subway token in 1994, the swipeable plastic card infused much-needed modernity into one of the world’s oldest and largest transit systems.

    Now, more than three decades later, the gold-hued fare card and its notoriously finicky magnetic strip are following the token into retirement.

    The last day to buy or refill a MetroCard is Dec. 31, 2025, as the transit system fully transitions to OMNY, a contactless payment system that allows riders to tap their credit card, phone or other smart device to pay fares, much like they do for other everyday purchases.

    Transit officials say more than 90% of subway and bus trips are now paid using the tap-and-go system, introduced in 2019.

    Major cities around the world, including London and Singapore, have long used similar contactless systems. In the U.S., San Francisco launched a pay-go system earlier this year, joining Chicago and others.

    The humble MetroCard may have outlasted its useful life, but in its day it was revolutionary, says Jodi Shapiro, curator at the New York Transit Museum in Brooklyn, which opened an exhibit earlier this month reflecting on the MetroCard’s legacy.

    Before MetroCards, bus and subway riders relied on tokens, the brass-colored coins introduced in 1953 that were purchased from station booths. When the subway opened in 1904, paper tickets cost just a nickel, or about $1.82 in today’s dollars.

    “There was a resistance to change from tokens to something else because tokens work,” Shapiro said on a recent visit to the museum, housed underground in a decommissioned subway station. “MetroCards introduced a whole other level of thinking for New Yorkers.”

    The Metropolitan Transportation Authority launched public campaigns to teach commuters how to swipe the originally blue-colored cards correctly, hoping to avoid the dreaded error message or lost fares. Officials even briefly toyed with the idea of an quirky mascot, the Cardvaark, before coming to their senses.

    The cards quickly became collectors items as the transit system rolled out special commemorative editions marking major events, such as the “Subway Series” between baseball’s New York Mets and the New York Yankees in the 2000 World Series. At the time, a fare cost $1.50.

    Artists from David Bowie and Olivia Rodrigo to seminal New York hip hop acts, such as the Wu-Tang Clan, the Notorious B.I.G. and LL Cool J, have also graced the plastic card over the years, as have iconic New York shows like Seinfeld and Law & Order.

    “For me, the most special cards are cards which present New York City to the world,” said Lev Radin, a collector in the Bronx. “Not only photos of landmarks, skylines, but also about people who live and make New York special.”

    Perfecting the correct angle and velocity of the MetroCard swipe also became something of a point of pride separating real New Yorkers from those just visiting.

    During her failed 2016 presidential campaign, Hillary Clinton, a former U.S. Senator from New York, took an excruciating five swipes at a Bronx turnstile. In fairness, her chief Democratic opponent at the time, U.S. Sen. Bernie Sanders of Vermont, a native Brooklynite, didn’t even appear to realize tokens had been discontinued.

    Unlike the MetroCard rollout, OMNY has required little adjustment.

    Riders reluctant to use a credit card or smart device can purchase an OMNY card they can reload, similar to a MetroCard. Existing MetroCards will also continue to work into 2026, allowing riders to use remaining balances.

    MTA spokespersons declined to comment, pointing instead to their many public statements as the deadline approaches.

    The agency has said the changeover saves at least $20 million annually in MetroCard-related costs.

    The new system also allows unlimited free rides within a seven-day period because the fare is capped after 12 rides. It’ll max out at $35 a week once the fare rises to $3 in January.

    Still, new changes come with tradeoffs, with some critics raising concerns about data collection and surveillance.

    Near Times Square on a recent morning, Ronald Minor was among the dwindling group of “straphangers” still swiping MetroCards.

    The 70-year-old Manhattan resident said he’s sad to see them go. He has an OMNY card but found the vending machines to reload it more cumbersome.

    “It’s hard for the elders,” Minor said as he caught a train to Brooklyn. “Don’t push us aside and make it like we don’t count. You push these machines away, you push us away.”

    John Sacchetti, another MetroCard user at the Port Authority stop, said he likes being able to see his balance as he swipes through a turnstile so he knows how much he’s been spending on rides.

    “It’s just like everything else, just something to get used to,” he said as he headed uptown. “Once I get used to it, I think it’ll be okay.”

    ___

    Follow Philip Marcelo at https://x.com/philmarcelo

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  • More thrifting and fewer returns, the early trends that defined shopping this holiday

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    NEW YORK — The shopping rush leading up to Christmas is over and in its place, like every year, another has begun as millions of people hunt for post-holiday deals and get in line to return gifts that didn’t fit, or didn’t hit quite right.

    Holiday spending using cash or cards through Sunday has topped last year’s haul, according to data released this week by Visa’s Consulting & Analytics division and Mastercard SpendingPulse.

    But growing unease over the U.S. economy and higher prices in part due to President Donald Trump’s tariffs have altered the behavior of some Americans. More are hitting thrift stores or other discounters in place of malls, according to data from Placer.ai. The firm tracks people’s movements based on cellphone usage.

    And they’re sticking more closely to shopping lists and doing more research before buying. That may explain why returns so far are down compared with last year, according to data from Adobe Analytics.

    Here are three trends that defined the holiday shopping season so far:

    Americans are still spending on gifts, yet increasingly that shopping is taking place at thrift and discount stores, according to data from Placer.ai.

    That’s likely forcing traditional retailers such as department stores to fight harder for customers, Placer.ai said.

    Clothing and electronics that traditionally dominate holiday sales did have a surge but struggled to grow, according to Placer.ai. Both goods are dominated by imports and thus, vulnerable to tariffs.

    For example, traffic doubled in department stores during the week before Christmas, from Dec. 15 through Sunday, compared with the average shopping week this year. But traffic in the week before Christmas this year fell 13.2% compared with 2024.

    Traffic surged 61% at traditional sellers of only clothing in the week before the holiday compared with the rest of the year. But again, compared with the runup to Christmas last year, sales slid 9%.

    Some of that lost traffic may have migrated to the so-called off-price stores— chains like TJ Maxx. That sector had a sharp seasonal traffic bump of 85.1% and a gain of 1.2% in the week before the holiday.

    But it was thrift stores that were red hot, with traffic jumping nearly 11% in the week before Christmas compared with last year.

    “Whether hunting for a designer deal or uncovering a one-of-a-kind vintage piece, consumers increasingly favored discovery-driven experiences over the standardized assortments of traditional retail,” Shira Petrack, head of content at Placer.ai, said in a blog post Friday.

    In the past it may have seemed gauche to gift your mother a gently used sweater or a pair of pants from a local thrift store, but seemingly not so amid all of the economic uncertainty and rising prices, according to Placer.ai.

    Through the second half of 2025, thrift stores have seen at least a 10% increases in traffic compared with last year. That suggests that environmental concerns as well as economic issues are luring more Americans to second-hand stores, Placer.ai said. Visits to thrift stores generally do not take off during the holidays, yet in the most recent Black Friday weekend, sales jumped 5.5%, Placer.ai. reported.

    In November, as customer traffic in traditional apparel stores fell more than 3%, traffic in thrift stores soared 12.7%, according to Placer.ai.

    The thrift migration has altered the demographics of second-hand stores. The average household income of thrift customers hit $75,000 during October and November of this year, a slight uptick from $74,900 last year, $74,600 in 2023 well above the average income of 74,100 in 2022, based on demographic data from STI:PopStats combined with Placer.ai data.

    U.S. sales at thrift chain Savers Value Village’s rose 10.5% in the three months ended Sept. 27 and the momentum continued through October, store executives said in late October.

    “High household income cohort continues to become a larger portion of our consumer mix,” CEO Mark Walsh told analysts. “It’s trade down for sure, and our younger cohort also continues to grow in numbers. ”

    For the first six weeks of the holiday season, return rates have dipped from the same period a year ago, according to Adobe Analytics.

    That suggests that shoppers are doing more research before adding something to their shopping list, and they’re being more disciplined in sticking to the lists they create, according to Vivek Pandya, lead analyst at Adobe Digital Insights.

    “I think it’s very indicative of consumers and how conscientiously they’ve purchased,” Pandya said. “Many of them are being very specific with how they spend their budget.”

    From Nov. 1 to Dec. 12, returns fell 2.5% compared with last year, Adobe reported. In the seven days following Cyber Week — the five shopping days between Thanksgiving and Cyber Monday, returns fell 0.1%.

    From the Nov. 1 through Dec. 12, online sales rose 6% to $187.3 billion, on track to surpass its outlook for the season, Adobe reported.

    Between Dec. 26 to Dec. 31, returns are expected to rise by 25% to 35% compared with returns between Nov. 1 through Dec. 12, Adobe said, and it expects returns to remain elevated through the first two weeks of January, up 8% to 15%.

    This is the first year that Adobe has tracked returns.

    Still, the last week of December sees the greatest concentration of returns: one out of every eight returns in the 2024 holiday season took place between Dec. 26 and Dec 31, a trend expected to persist this year, Adobe said.

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  • Why your holiday gift returns might go to a landfill and what you can do about it

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    The holiday season will soon come to a close, but the busiest time of the year for product returns is just beginning.

    The National Retail Federation estimates 17% of holiday purchases will be sent back this year. More retailers are reporting extended return windows and increased holiday staff to handle the rush this year.

    A major driver for returns is uncertainty. When we buy for other people, finding what they want is a bit of a guessing game. Online purchases have higher return rates because finding the right size and color is tough when you’re just staring at images on screens.

    “Clothing and footwear, as you can imagine, because fit is such an important criteria, they have higher rates of returns,” said Saskia van Gendt, chief sustainability officer at Blue Yonder, which sells software designed to improve companies’ supply chain management.

    Returns come with an environmental cost, but there’s a lot consumers and companies are doing to minimize it.

    If a company sells a thing, it’s probably packaged in plastic. Plastic is made from oil, and oil production releases emissions that warm the planet. If that thing is bought online, it’s put on a plane or a train or a truck that usually uses oil-based fuel.

    If you buy a thing and return it, it goes through most or all of that all over again.

    And once those products are back with the retailer, they may be sent along to a refurbisher, liquidator, recycler or landfill. All these steps require more travel, packaging and energy, ultimately translating to more emissions. Joseph Sarkis, who teaches supply chain management at Worcester Polytechnic Institute, estimates that returning an item increases its impact on the planet by 25% to 30%.

    Roughly a third of the time, those returns don’t make their way to another consumer. Because frequently, it’s not worth reselling.

    If, for example, you get a phone, but you send it back because you don’t like the color, the seller has to pay for the fuel and equipment to get the phone back, and then has to pay for the labor to assess whether it has been damaged since leaving the facility.

    “It can be quite expensive,” said Sarkis. “And if you send it out to a new customer and the phone is bad, imagine the reputational hit you’ll get. You’ll get another return and you’ll lose a customer who’s unhappy with the product or material. So the companies are hesitant to take that chance.”

    Something as expensive as a phone might get sold to a secondary or refurbishment market. But that $6 silicone spatula you got off Amazon? Probably not worth it. Plus, some stuff — think a bathing suit or a bra — is less attractive to customers if there’s a chance it’s been resold. The companies know that.

    And that’s where the costs of returns are more than just environmental — and consumers wind up paying. Even free returns aren’t really free.

    “Refurbishment, inspection, repackaging, all of these things get factored into the retail price,” said Christopher Faires, assistant professor of logistics and supply chain management at Georgia Southern University.

    If you want to reduce the impact of your returns, the first move is to increase their chances of resale. Be careful not to damage it, and reuse the packaging to send it back, said Cardiff University logistics and operations management lecturer Danni Zhang.

    If you have to return something, do it quickly. That ugly Christmas sweater you got at the white elephant office party has a much better chance of selling on Dec. 20 than it does on Jan. 5. Zhang said it’s not worth the cost to the company to store that sweater once it’s gone out of season.

    Another tip: in-person shopping is better than online because purchases get returned less often, and in-person returns are better, too — because those items get resold more often. Zhang said it reduces landfill waste. Sarkis said it reduces emissions because companies with brick-and-mortar locations spread out across the country and closer to consumers thus move restocked goods shorter distances.

    “If I can return in-store, then I definitely will,” Zhang said. “The managers can put that stuff back to the market as soon as possible.”

    Obviously the best thing consumers can do is minimize returns. Many shoppers engage in “bracketing behavior,” or buying multiple sizes of the same item, keeping what fits, and returning the rest.

    “This behavior of bringing the dressing room to our homes is not sustainable,” said Faires.

    If you’re buying for someone else, you can also consider taking the guesswork out of the equation and going for a gift card.

    “I know we do really want to pick up something really nice to express our love for our friends or our family. But if we are more sustainable, probably the gift card will be much better than just purchasing the product,” Zhang said.

    Sarkis wants to see companies provide more information in product descriptions about the environmental impact of returning an item, or how much of the purchase price factors in return costs.

    “But I don’t know if they want to send a negative message,” he said. “If you’re telling someone to stop something because of negative results, that’s not going to sell.”

    Sarkis and Zhang both say charging for returns would help. Already Amazon is requiring customers pay in certain situations.

    On the tech side, Blue Yonder’s recent acquisition of Optoro, a company that provides a return management system for retailers and brands, uses a software to quickly assess the condition of returned products and route them to stores that are most likely to resell them.

    “Having that process be more digitized, you can quickly assess the condition and put it back into inventory,” said van Gendt. “So that’s a big way to just avoid landfill and also all of the carbon emissions that are associated with that.”

    Clothing is returned most often. Many sizes do not reflect specific measurements, like women’s dresses, so they vary a lot between brands. Zhang said better sizing could help reduce the need for returns. On top of that, Sarkis said more 3D imaging and virtual reality programs could help customers be more accurate with their purchases, saving some returns.

    ___

    The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

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